Keynote Speech by H.E. Xi Jinping
President of the People’s Republic of China
At the Opening Ceremony of the BRICS Business Forum

22 June 2022

Dear Colleagues,
Members of the Business Community,
Ladies and Gentlemen,
Friends,

I am glad to attend the BRICS Business Forum, and I wish to extend a warm welcome to all of you.

Right  now, our world is facing drastic changes and a pandemic both unseen in a  century. Various security challenges keep emerging. The world economy  still faces strong headwinds on its path toward recovery, and global  development has suffered major setbacks. Where is the world  headed: Peace or war? Progress or regression? Openness or isolation?  Cooperation or confrontation? These are choices of the times that we are  confronted with.

Human history, like a  river, keeps surging forward, with moments of both calm waters and  huge waves. Despite changes in an evolving global environment, the  historical trend of openness and development will not reverse course,  and our shared desire to meet challenges together through cooperation  will remain as strong as ever. We should stand high and not allow  ourselves to be distracted by fleeting clouds, and we should have a keen  appreciation of the law governing the advance of history. We  should refuse to be led astray by any turn of events or intimidated by  any risk. We should rise to challenge and forge ahead with  resolve toward the goal of building a community with a shared future for  mankind.

First, we should embrace solidarity and coordination and jointly maintain world peace and stability. We  in China believe that “history, if not forgotten, can serve as a guide  for the future”. In the past century, humanity have gone through the  scourge of two world wars and the dark shadow of the Cold War. The  tragedies of the past tell us that hegemony, group politics and bloc  confrontation bring no peace or security; they only lead to wars and  conflicts. The Ukraine crisis is another wake-up call for all in the  world. It reminds us that blind faith in the so-called “position of  strength” and attempts to expand military alliances and seek one’s own  security at the expense of others will only land oneself in a security  dilemma.

History tells us that peace,  which is the common cause of humanity, should be pursued and defended by  all. Only when we all cherish and uphold peace and never forget the  painful lessons of war can there be hope of peace. Facing a volatile and  unstable world, we should stay true to the pledge of the UN Charter and  fulfill the mission of maintaining peace. Not long ago, I put forward  the Global Security Initiative, calling on all countries to stay  committed to the vision of common, comprehensive, cooperative and  sustainable security; stay committed to respecting the sovereignty and  territorial integrity of all countries; stay committed to abiding by the  purposes and principles of the UN Charter; stay committed to taking the  legitimate security concerns of all countries seriously; stay committed  to peacefully resolving differences and disputes between countries  through dialogue and consultation; and stay committed to maintaining  security in both traditional and non-traditional domains. We in the  international community should reject zero-sum games and jointly oppose  hegemonism and power politics. We should build a new type of  international relations based on mutual respect, fairness, justice and  win-win cooperation. We should be clear that we are a community in which  all countries share a common stake, and we should see that the light of  peace will reach all corners of the world.

Second, we should reach out to each other and jointly promote sustainable global development. Development  holds the key to solving various difficult problems and delivering  better lives to the people. Today, the global development process has  hit major roadblocks, the momentum of international development  cooperation is being weakened, and development gap between the North and  the South keeps widening. As a result, the global efforts to implement  the UN’s 2030 Agenda for Sustainable Development have suffered  major setbacks. Almost 1.2 billion people in nearly 70 countries are  confronted with COVID-19, food, energy and debt crises. What has been  achieved in decades of global poverty reduction efforts could be lost.

Last  year, I put forward the Global Development Initiative, and I  called on all countries to implement the 2030 Agenda for Sustainable  Development, forge united, equal, balanced and inclusive global  development partnership, and promote cooperation in a wide range of  areas such as poverty reduction, public health, education, digital  connectivity and industrialization. We should deepen cooperation to  better safeguard food and energy security. We should seize  opportunities presented by the new scientific and technological  revolution and industrial transformation, and promote the flow of  factors of production that enable innovation globally. We should help  developing countries speed up development of the digital economy and  green transformation. We should also engage in cooperation on  COVID-19 response and provide more anti-COVID medicines to developing  countries so as to beat the virus at an early date.

In two days, China will host the High-level Dialogue on Global Development  to discuss ways to promote global development. We should respond to  people’s concerns, pursue the larger interests of all countries, and  steer global development to a new era to deliver benefit to all.

Third, we should tide over difficulties together and jointly pursue win-win cooperation. At  present, some important industrial and supply chains are suffering from  deliberate disruptions, commodity prices remain high and are  fluctuating, global inflation keeps rising, the international financial  market is in turmoil, and global economic recovery is losing steam.  People have reason to be concerned that the world economy might slip  into a crisis.

At this critical  juncture, tiding over difficulties together and pursuing cooperation is  the only way for us to forestall an economic crisis. We should come  together with a united purpose and strengthen macroeconomic policy  coordination to prevent the slowdown and even halt of the global  recovery. Major developed countries should adopt responsible economic  policies and avoid negative policy spillovers that may take a heavy toll  on developing countries. It has been proved time and again that  sanctions are a boomerang and a double-edged sword. To politicize the  global economy and turn it into one’s tool or weapon, and willfully  impose sanctions by using one’s primary position in the international  financial and monetary systems will only end up hurting one’s own  interests as well as those of others, and inflict suffering on everyone. 

Fourth, we should be inclusive and jointly expand openness and integration. The  rapid economic globalization that we have seen since the end of the  Cold War has greatly boosted the movement of goods and capital  and advances in technology and civilization. A more open and inclusive  world will create greater development opportunities for all and deliver a  more prosperous future for all. 

For  some time, however, economic globalization has faced headwinds and  countercurrents. Some countries attempt to decouple with others, sever  supply chains and build “a small yard with high fences”. There is  widespread concern in the international community that should such a  tendency continue, the global economy will become compartmentalized and  mutually exclusive. Economic globalization is a response to development  of productivity and, as such, represents an unstoppable historical  trend. Anyone who attempts to turn back the wheel of history and block  others’ way will only have his own path blocked.

As  an ancient Chinese saying goes, “Constant piling up of earth makes  Mount Tai great; ceaseless inflow of rivers makes the ocean deep.”  Inclusiveness, shared benefits and win-win outcomes is what we should  pursue. We should stay committed to openness and inclusiveness,  eliminate all barriers to the development of productivity, and steer  globalization in the right direction. This will boost the free flow of  capital and technology, unleash the full potential of innovation and  creativity, and foster synergy in boosting global economic growth. We  should uphold the WTO-centered multilateral trading system, remove  barriers to trade, investment and technology, and keep  the global economy open. We should promote extensive consultation and  joint contribution to deliver shared benefits, enhance global economic  governance, and increase the representation and say of emerging markets  and developing countries. This will ensure that all countries enjoy  equal rights, follow the rules as equals, and share equal opportunities.

Ladies and Gentlemen,
Friends,

This  year, facing a complicated and challenging domestic and international  environment for development, China has risen to various challenges and  taken well-coordinated steps to respond to COVID-19 and pursue economic  and social development. Putting the people and their lives first, China  has built a strong line of defense against the virus, and consolidated  the gains made in COVID-19 response. Thanks to these efforts, we have  protected people’s lives and health and ensured overall stable  performance in economic and social development to the maximum extent  possible. We will step up macroeconomic policy adjustment, and adopt  more forceful measures to deliver the economic and social development  goals for the whole year and minimize the impact of COVID-19.

In  the second half of this year, the Communist Party of China will convene  its 20th National Congress, which will chart the course for the next  phase of China’s development. We will ground our efforts in the new  development stage, follow the new development philosophy, foster a new  development paradigm and strive to achieve high-quality development.  China will continue to pursue opening-up against higher standards,  develop new systems for a higher-standard open economy, and continue to  foster a market- and law-based and internationalized business  environment. I warmly welcome you to invest and do business in China,  strengthen business cooperation with China, and share in China’s  development opportunities.

Ladies and Gentlemen,
Friends,

The  BRICS mechanism is an important cooperation platform for emerging  markets and developing countries. The business community is a dynamic  force driving BRICS’ effective cooperation. Over the years, you in the  business communities of BRICS countries have kept exploring new ground, unlocked the potential of cooperation among the five countries, and made  important contribution to the development of BRICS countries.  Your efforts deserve full recognition.

BRICS  cooperation has now entered a new stage of high-quality development. I  hope that you business leaders will continue to act with tenacity and in  a pioneering spirit, and champion open, innovative and  shared development so as to add new impetus to BRICS cooperation.  You should tap into the complementarity of BRICS countries’ diverse  economic structures and resources, upgrade cooperation on trade,  investment and finance, expand cooperation on cross-border e-commerce,  logistics, local currencies and credit rating, and keep industrial and  supply chains safe and unclogged. I hope you will actively participate  in building the BRICS Partnership on New Industrial Revolution,  strengthen cooperation on digital economy, smart manufacturing, clean  energy and low-carbon technology, and support the industrial  restructuring and upgrading in BRICS countries. I hope you will advance  cooperation on energy, food, infrastructure and skill training, fulfill  your social responsibilities, and see that more benefits of development  will reach everyone in a more equitable way.

I am convinced that as long as we hoist high the sail of mutual benefit  and win-win and keep a steady hand on the tiller of solidarity and  cooperation, we will break waves and steer the giant ship of BRICS  countries toward a brighter future!

To conclude, I wish the BRICS Business Forum a full success!

Thank you.

(Source: Ministry of Foreign Affairs of the People's Republic of China)